Shree Cement gains over 1.5% after board nods to set up Integrated Cement plant in Rajasthan; Solar Power plants too at various locations

Shree Cement East, a wholly-owned subsidiary of the company has approved the proposal for setting up a Clinker Grinding Unit in West Bengal.

Sep 15, 2021 09:09 IST India Infoline News Service

Shree Cement
Shree Cement Limited Board of Directors have approved setting up of an Integrated Cement Plant at Village Gothra in Nawalgarh Tehsil of Rajasthan and Solar Power Plants at various locations to meet the captive requirement of the Cement Plants of the company.

The company plans to set up of Integrated Cement Plant at Gothra in Nawalgarh Tehsil of Rajasthan having a Clinker Capacity of 3.8 Million Ton Per Annum (MTPA) and a Cement Capacity of up to 3.5 MTPA.

The facility with the rationale of business expansion is planned to be added by the quarter ending March 2024 and the investment required is Rs3500cr.

The company also plans to set up Solar Power Plants having a capacity upto 106 MWp to meet the captive power requirement of cement plants of the company at various locations. The proposed capacity is to be added by quarter ending September, 2022 and investment required is Rs500cr.

During early trade on Wednesday, Shree Cement Ltd was trading at Rs31,118.80 per piece up by Rs474.8 or 1.55% from its previous closing of Rs30,644 per piece on the BSE.

“The company has committed to maximize the use of clean energy into its operations. Setting up of the above Solar Power plants will enhance the proportion of clean energy usage in total energy consumption of the Company. The same will reduce the fossil fuel consumption and help in reducing carbon footprint of the company,” the Cement company said in a filing on Tuesday.

Meanwhile in a separate filing, the company said on Tuesday that Board of Directors of Shree Cement East Private Limited (SCEPL), a Wholly Owned Subsidiary of the company has approved the proposal for setting up of a Clinker Grinding Unit at Village Digha & Parbatpur, in Purulia district of West Bengal.

The proposed capacity addition is 3.0 Million Ton Per Annum and will be added by quarter ending March, 2023. Investment required is Rs750cr.

“The cement demand supply situation in West Bengal appears quite favourable and thus, investment in cement plant in the State would be a viable proposition,” company said.

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